Pineapple Energy Inc

In addition, as previously disclosed, the Board has approved the implementation of a reverse stock split pursuant to the Prior Reverse Stock Split Approval, at the maximum ratio under the approved range of 1-for-15, currently expected to be effective on or about June 6, 2024. In connection with the June 2024 Reverse Stock Split, the number of authorized shares of our common stock would be reduced proportionately based on 1-for-15 ratio. As a result, our Amended and Restated Articles of Incorporation would authorize the issuance of up to 7,500,000 shares of common stock (the current 112,500,000 shares divided by 15). The June 2024 Reverse Stock Split would not affect the number of authorized or outstanding shares of preferred stock.

Based on amounts as of May 23, 2024, giving effect to the June 2024 Reverse Stock Split, we estimate that the following shares of split-adjusted common stock would be issued or reserved for future issuance:

In addition, if the June 2024 Reverse Stock Split is effected as planned, the number of shares of common stock issuable upon conversion of the Series A convertible preferred stock and issuable upon exercise of the outstanding warrants, and the conversion price of the Series A convertible preferred stock and the exercise price of the warrants, will be adjusted proportionately based on the 1-for-15 ratio.